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Submerged Liquid Cooling

This is possible using the 3M Novec 7000, a non-conductive liquid with a boiling point of 34C.
The above example uses absolutely no fans, so the only sound would probably come from the slight bubbling/boiling. Steampunk PC is here!
An engineer combined the liquid solution seen above with a radiator (no pump), allowing for high overclocks:

Cooling servers this way is daft because you need a LOT of liquid to cool relatively little of the internal area of the server - and servers don't actually run that hot (it's more the heat they dissipate which is the issue, whether that being in the form of pressurised gas/liquid is better is arguable I guess?)

For the mentalists who want to run 4 copies of Furmark 'near silently' tho, it seems ideal :)

That said - I'm not sure saying that it doesn't corrode stuff in 48 hours is a great test - more like 2 years maybe!?

There also talk of the bubbles in the liquid pushing components away from the board - they talk about 'cheap boards' but I guess the designer wasn't planning on them being used by Captain Nemo :)

Cooling servers this way is daft because you need a LOT of liquid to cool relatively little of the internal area of the server

actually, this method expends massive amounts of heat in very small areas (500w per litre as I recall), so it's actually the opposite of what you state :P
the problem with implementing it with current server hardware is that most server motherboards are E-ATX or greater in size which necessitates a large volume of liquid to cover the entire surface area of the components. At $300 a gallon it's not a cheap solution.

as for bubbles pushing components (??) just use a horizontal rack setup rather than go vertical. Simple.

How do they cool things in space? By what method do they "vent" heat? Cold cathodes i suppose.

Well, they don't use overclocked AMD processors, let's put it that way. You only have one kind of cooling that works in a vacuum, so you basically just have to use the spacecraft as a heatsink and then manage how heat is radiated and how light is absorbed (put a mirror between the Sun and the spacecraft = way less heat to worry about).

The only way to get rid of heat in a vacuum is to radiate it. You can actively cool a part of a satellite but then you would only shift the heat to another place and heat the whole system even more. That's why heat pipes are popular in satellite building. They don't need a power supply and therefore don't add to the heat.
Hmm... slightly OT, except you want a gaming rig in orbit ;)

I was reading/considering about methodologies for a hobbyist probe (launching using an em rail from a weather balloon etc), but even low emission CPU's would cook out the entire system eventually, it was one of the few logical issues that was hard to solve.

Well, heat is only one of your problems. Radiation is pretty nasty too. Random bit flips have bad effect on system stability. Although in a low earth orbit and short term missions this might not be critical.
How about a RaspberryPI? Small, light, low power consumption, GHz-class.
Anyway, have fun with your project :D